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20110701
20110731
Search Results 0 to 4 of about 5 (some duplicates have been removed)
dollars down the drain. thanks to npr we know about loads of unused spare change piling up as the nation stares down its debt. abc's jon karl explains. >> reporter: we took a journey to the u.s. mint in philadelphia for a lesson in how the government is losing money by making money. this is the presidential dollar coin. congress ordered the mint to make millions of them to honor every dead president but nobody seems to want them. they cost 32 cents a pop to make. the mint makes nearly 2 million of them every day. do the math. about 600,000 dollars a day to make them. because almost nobody uses these things, most go directly into storage. we found a bunch of them 100 miles down the road in a vault. here at the federal reserve in baltimore, the coins are packed into plastic bags stacked one on top of each other all the way up and down this aisle several aisles of them, millions and millions of dollars in presidential coins. federal reserve says they are piling up so quickly they are spending $650,000 to build a new vault in dallas to hold them. shipping the coins there will cost another $3
are wondering where the government can cut costs. the npr came up with one idea. >> each day the u.s. treasury mints nearly $2 million in coins. coins that mostly go directly into storage. abc's john karl checked it out. >> reporter: we took a journey to the u.s. mint in philadelphia where they seem to have more doors than "get smart." for a lesson in how the government is losing money by making money. it sounds a little bit like las vegas around here except the coins never stop coming. this is the presidential dollar coin. congress ordered the mint to make millions of them to honor every dead president. but nobody seems to want them. rutherford b. hayes. hot off the press, literally, these coins are still warm. made of manganese brass, they cost nearly 32 cents a pop to make. the mint makes nearly 2 million of them every day. do the math. about $600,000 a day to make them. and each one of these bags, 140,000 coins, $140,000, more than 2,000 pounds. because almost nobody uses these things, most go directly into storage. we found a bunch of them 100 miles down the road in a vault. here at the f
Search Results 0 to 4 of about 5 (some duplicates have been removed)